Eyebrows were raised on Saturday morning when the opening bid for a limited edition Tiffany Patek Philippe began at an eyewatering $4.2 million.
However, even though the bidding of lot 1T was rumoured to begin at $4.2 million, it ended starting at a modest $20000. However, this turned out to be irrelevant since bigging immediatley shot up, before selling at a price of $5.35 million to an anonymous bidder in New York. With all of the proceeds going to the charity Nature Conservancy, courtesy of Phillips auctioneers.
A total of 170 Tiffany Nautilus pieces will be made available for lucky buyers to commemorate the partnership of 170 years between both Patek Philippe and Tiffany. The retail price of the limited edition 5711 will be just over $52000 and be made available at just 3 dealerships accross America. It’s unlikely that anyone without a significant purchase history will be able to get their hands anywhere near such an exclusive piece.
The hype around this auction had already led to a price increase in preowned 5711’s, which will show no sign of slowing down after this price was acheived in a public auction.
